Alexandria Real Estate Equities, Inc.

Good day, everyone, and welcome to the Alexandria Real Estate Equities third quarter 2026 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a touch-tone telephone. To withdraw your questions, you may press star and two. Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to Paula Schwartz with Investor Relations. Please go ahead.

Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The company's actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause results to differ materially from those in the forward-looking statements is contained in the company's periodic reports filed with the Securities and Exchange Commission. And now I'd like to turn the call over to Joel Marcus, Executive Chairman and Founder. Please go ahead, Joel.

Thank you, Paula, and good day, everybody, and welcome to Alexandria's third quarter earnings call. First of all, I want to thank each and every member individually and collectively of the Alexandria team for a very solid third quarter 2026. As a family team, we've impacted the lives of countless patients here in the United States and around the world. And thank you for your commitment to the life science sector through real estate venture capital that has really transformed the impact on the growth and success of this amazing industry. And with that, I'd like to highlight a couple of key thoughts before turning it over to Marc Binda, our Chief Financial Officer, to recap the quarter. First of all, under the category of demand and leasing, we had a solid third quarter leasing over 1.2 million square feet. Notably, we had a weighted average lease term of about 11 years, which is pretty great, and we had the second highest filling of vacant space in the company's history. Seventy-four percent of our leasing was existing tenants. We do have the largest Life Science Tenant Base in the industry, and it was quite well balanced except for public biotech, but we expect that to contribute importantly to fourth quarter projected leasing of about 1.25 million square feet. Helpful was the defeat of the cap on indirect costs, a issue that we have talked about many times, and that Circuit Court essentially beating off that cap, helped drive institutional demand in leasing this quarter. One interesting indicator, people always wonder about the potential for public biotech health. Rather than the XBI, I think people should look at what's called the BBC ETF. About 129 stocks, 93% of which are clinical stage, which I think reflect the public biotech sector. probably more realistically. Clinical stage biotech valuations still remain well below historical averages. There's been a good contribution this quarter from advanced technology companies as they're very attracted to our mega campuses for their recruitment and retention as well as our wonderful infrastructure that is quite well suited to their businesses. For 2027, we have, I think, a very strong 60-plus percent of the 1.37 million square feet of lease rolls with expected downtime. We're engaged with specific tenants, and that's very good at this stage. Moving on to the capital plan, and Marc will have a lot to say about that. We had very successful, very solid progress in the third quarter and through this earnings call. including the hybrid notes raising a billion dollars in a very unique and very timely REIT debut for this instrument. And it's useful to note that over $160 billion of hybrid notes in the U.S. trade and get 50% equity credit from the rating agencies. We just recently closed a $475 million joint venture at Campus Point with our continuing control of that core mega campus. Our ownership will grow back over 50% as we fund our Novartis build-a-soup. And on the Bristol-Myers space that's coming back to us on that campus, about 250 plus thousand square feet rolling next year, 2027, I'm pleased to say we're in advanced negotiations and expect to resolve on very favorable terms almost 200,000 square feet of that. Moving on to the balance sheet and leverage. Importantly, we expect to hit our year end guidance of 5.6 to 6.2 times. We closed and extended our $5 billion credit line. We have the longest weighted average remaining debt term of all S&P 500 REITs at over 11 and a half years. We have just 350 million of debt maturities next year. And then I'd like to refer everybody to pages XV and XVI of the supplement. showing our very significant progress in reducing cap interest as we transition from a decade life science bull run and COVID rocket ship era when our leasing went up 4x overnight, and that was led by historic development growth. That transition is never simple and takes a fair amount of time, but we're well into it. Significant reductions are also noted on those pages in non-income producing assets as a percentage of gross assets, which is very, very good. And our ARR from non-core assets versus a percentage of total ARR overall, especially from the mega campuses, continuing decline. On the path forward, which we'll have more to say at our December 2nd Investor Day, we'll talk about 2027 and beyond. In the interim, we're laser-focused on many items, but including, most importantly, moving leased vacant space into operations as rapidly as possible, leasing currently vacant space, future rollovers, and redevelopment space as rapidly as possible, and focusing our CapEx on re-leasing with the path to NOI. We're also heavily focused on continuing dispositions of land and non-core assets, especially focused on those without a reasonable path to NOI. And we've certainly culled our asset base considerably at this point. And then finally, execution of our capital plan to ensure we continue to achieve our leverage targets. And with that, let me turn it over to Marc for a highlight of this third quarter. Marc?